Cablevision Systems Corporation (NYSE:CVC) today reported financial results for the first quarter ended March 31, 2012.
First quarter consolidated net revenues grew 0.2% to $1.659 billion, consolidated adjusted operating cash flow (“AOCF”) 1 decreased 7.6% to $513.5 million and consolidated operating income declined 16.0% to $250.1 million, all compared with the prior year period.
Operating highlights for the first quarter 2012 include:
- Basic video customer additions of 7,000, including the largest quarterly increase in our NY metro service area since the second quarter of 2008.
- High-Speed Data and Voice customer additions of 41,800 and 42,400, respectively.
- Average Monthly Revenue per Basic Video Customer (“RPS”) of $152.53, an increase of $2.78 or 1.9% compared to the prior year period.
Cablevision President and CEO James L. Dolan commented, "Cablevision has had a solid start to the year. We have improved subscriber metrics across video, high-speed data and voice. Our customers are responding positively to our ongoing efforts to expand and improve the products we offer, such as the recent introduction of our Optimum app for laptops as well as our continued investment in WiFi. Finally, we are making changes in the level of service and communication we provide to our customers to strengthen our relationships with them. We firmly believe that these investments will benefit the company and deliver greater value to our shareholders over the long term."
|1.||See definition of AOCF and Consolidated Free Cash Flow from Continuing Operations included in the discussion of non-GAAP financial measures on page 3 of this earnings release.|
|Cable Television first quarter 2012 net revenues increased 0.1% to $1.489 billion principally due to continued growth of data and phone customers, which was offset by fewer video customers than the prior year period. AOCF decreased 8.2% to $534.3 million and operating income decreased 14.6% to $312.0 million, all compared with the prior year period. First quarter 2012 AOCF results reflect modest revenue growth more than offset by higher operating expenses, primarily programming costs.|
|The following table illustrates the change in the Cable Television customer base during the first quarter of 2012:|
|(rounded to nearest thousand)|
|December 31, 2011||Net Gain/(Loss)||March 31, 2012|
|Total Customers (a)||3,611||17||3,628|
|(a)||Total customers are defined as the number of households/businesses that receive at least one of the Company's services.|
|For first quarter 2012, Optimum Lightpath net revenues increased 2.9% to $79.5 million, AOCF increased 0.7% to $32.7 million and operating income decreased 2.7% to $10.6 million, each as compared to the prior year period. First quarter results reflect an 11.1% increase in revenue from Ethernet services and higher operating expenses.|
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV